International Copper Study Group Releases Preliminary Data For November 2022
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The International Copper Study Group (ICSG) recently issued preliminary statistics for November 2022 to track the global supply and demand for copper. Copper is considered a crucial metal for contemporary industries. At the start of 2022, a number of countries’ mine output was still restricted by COVID-19 regulations and persistent rates of infection caused by the Omicron variant. Global production assisted an increase in new or enlarged mines as well as a comeback from the decreased output in 2021.
Top Two Copper Mines’ Production
The largest copper mine-producing nation in the world, Chile, had a 6% decline in production (300,000 tons of copper) as a result of operational problems, lower grades, absenteeism owing to COVID-19 infections, and a reduced water supply as a result of a drought. The prolonged stoppage at two significant mines was the main cause of Peru’s modest growth of 3%, the second-largest copper mine-producing nation.
Global Copper Production
The data shows that from January 2022 to November 2022, global copper mine production climbed by roughly 3.2%, with concentrate production rising by 2.7% and solvent extraction-electrowinning (SX-EW) production rising by 5.3%.
The D.R. Congo and Indonesia, whose production increased by 28% in each, were significant global growth contributors. The new Kamoa mine and other mines in the D.R. Congo experienced growth, while the Grasberg mine in Indonesia continued to ramp up its underground production. Primarily, it was largely responsible for Indonesia’s expansion. Chinese mine output also went up by 6% as well.
Global Refined Copper Production
Additionally, preliminary data shows that from January 2022 to November 2022, the world’s refined copper production climbed by roughly 3.4%, with primary production rising by 4% and secondary production (from scrap) rising by 1%. smelter maintenance shutdowns, primarily in the EU, and limited concentrate output at integrated smelter/refineries in Chile and Peru restrained the increase of refined production globally.
Global Refined Copper Consumption
According to early estimates, the estimated global consumption of refined copper increased by 3.3% from 2022 to November 2022. The COVID-19 lockdowns significantly hurt the global economy and, as a result, important copper end-use industries anywhere outside of China. But in 2021, it began to recover, and it is projected that from 2022 to November 2022, worldwide demand increased by around 0.5%.
Insight
ICSG’s preliminary data offers insightful information on how the copper industry is doing right now. It demonstrates that even if COVID-19 is still influencing the sector, new and expanded mines as well as a rebound in demand are assisting in increasing production and utilization.
Read more – Indian Bureau Of Mines Releases Mineral Production Data
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